Gold is trading within a consolidation; Wednesday’s FOMC release in focus.
The gold futures contract lost 0.28% on Friday, March 15, as it further extended a short-term consolidation below the $2,200 level. On previous Friday, gold reached a new record high of $2,203. It kept reacting to economic data releases, weakening U.S. dollar and advancing stock prices. On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Since then, it gained over $200.
This morning gold is rebounding from the $2,150 level, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading slightly above the $2,160 level again. What about the other precious metals? Silver is unchanged, platinum is 1.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are virtually flat this morning.
Friday’s Empire State Manufacturing Index has been lower than expected at -20.9, and the Michigan Consumer Sentiment number has been slightly lower than expected at 76.5. Today, we will get the NAHB Housing Market Index release at 10:00 a.m., and the important monetary policy release from the Bank of Japan later in the day. The markets will be waiting for the FOMC Rate Decision on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 18
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Tuesday, March 19
- 12:30 a.m. Australia - RBA Press Conference
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
- All Day, Japan - Bank Holiday
Paul Rejczak
Stock Trading Strategist